This indicator suggests the S&P 500 could hit 5800 by end of 2024

Source Investing

The S&P 500 is up more than 11% year-to-date with major brokerage firms on Wall Street raising their price targets in recent days.

Historical data suggests that when the S&P 500 experiences a 10% or more increase over the first 100 days of the year, it tends to continue rising.

The average return for the remainder of such years is 7.1%, with a median of 9.3%, according to Bank of America (NYSE:BAC) analysis.

"This equates to SPX 5640 to 5750 into yearend 2024. The average and median rest of year returns for all years going back to 1928 of 5.0% and 7.3%, respectively, point to SPX 5530 to 5650 into yearend," the report said.

The S&P 500's performance in the first 100 days of 2024 is particularly important as it occurs during a Presidential election year, which typically sees more modest gains.

Historically, the index is up 63% of the time during such periods, with an average return of -0.9% and a median return of 0.8%.

The 10.4% YTD gain for 2024 ranks as the second-best start in an election year since 1928, which saw a 12.5% increase.

Further strengthening the positive outlook, when the S&P 500 has risen in the first 100 days of a Presidential election year, the rest of the year has followed suit 93% of the time. The average return for these periods is an impressive 10.1%, with a median return of 8.9%.

In terms of the S&P 500, this could translate to a year-end target of 5800 and 5730, respectively.

Overall, historical patterns for all election years show the index up 88% of the time, with average and median returns of 8.8% and 8.5%, indicating a potential range of 5730 to 5700 for the S&P 500 by the close of 2024.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Single-Day Prices Surge Another 32%. How Severe Is the Volatility Challenge in Europe’s Natural Gas Market?TradingKey - On March 3 local time, European natural gas futures surged for the second consecutive trading day, driven by the production halt at QatarEnergy's core facilities. European benchmark natur
Author  TradingKey
7 hours ago
TradingKey - On March 3 local time, European natural gas futures surged for the second consecutive trading day, driven by the production halt at QatarEnergy's core facilities. European benchmark natur
placeholder
Pound Sterling continues to underperform amid US-Israel war with IranThe Pound Sterling (GBP) trades lower against its major currency peers, slides 0.3% to near 1.3360 against the US Dollar (USD) during the European trading session on Tuesday.
Author  FXStreet
8 hours ago
The Pound Sterling (GBP) trades lower against its major currency peers, slides 0.3% to near 1.3360 against the US Dollar (USD) during the European trading session on Tuesday.
placeholder
Gold rises for fifth day on Middle East tensions, modest USD pullbackGold (XAU/USD) catches fresh bids following the previous day's two-way price swings and trades with modest gains above the $5,350 level, during the Asian session on Tuesday.
Author  FXStreet
9 hours ago
Gold (XAU/USD) catches fresh bids following the previous day's two-way price swings and trades with modest gains above the $5,350 level, during the Asian session on Tuesday.
placeholder
WTI surges to $73 as Strait of Hormuz closure prompts supply shocksWest Texas Intermediate (WTI), futures on NYMEX, trades 2.3% higher to $73.00 during the early European trading session on Tuesday.
Author  FXStreet
9 hours ago
West Texas Intermediate (WTI), futures on NYMEX, trades 2.3% higher to $73.00 during the early European trading session on Tuesday.
placeholder
WTI climbs back closer to $72.00 as closure of Strait of Hormuz fuels supply concernsWest Texas Intermediate (WTI) US Crude Oil prices reverse a modest Asian session dip to the $70.00 neighborhood and climbs to the $71.70-$71.75 region in the last hour.
Author  FXStreet
15 hours ago
West Texas Intermediate (WTI) US Crude Oil prices reverse a modest Asian session dip to the $70.00 neighborhood and climbs to the $71.70-$71.75 region in the last hour.
goTop
quote